Kieran Maguire drops £80m Man City reveal in new financial rules twist
Man City could have spent an extra £80million on wages in 2022/23 and still been within Uefa’s recommended limit.
Finance expert Kieran Maguire spoke exclusively to Football Insider about the record-breaking wage bill announced by City in their latest financial accounts.
City released their annual report for the 2022/23 season on Wednesday (15 November) revealing overall revenue of £712.8million – the highest ever recorded by a Premier League team.
The Manchester giants also broke the record for the highest wage bill recorded by a Premier League team at £422million.
The wages paid to Pep Guardiola’s squad surpassed the previous record of £384million set by arch-rivals Manchester United.
Maguire insists City will not be concerned about the growth of their wage bill as it is still within Uefa’s limitations of 70 percent of a club’s overall revenue.
“City will be perfectly relaxed when it comes to their wage bill,” Maguire told Football Insider’s Sean Fisher.
“The important figure is how much they are paying out in wages as a proportion of revenue, and that only went from 58 to 59 percent.
“They are still well below Uefa’s target of 70 percent.
“So they could have spent another £70 or £80 million in wages and still have been within the limit.
“So City will be relatively relaxed.
“A lot of those wages came from bonuses achieved through the club’s treble success.
“They have a highly incentivized pay structure at City where everybody benefits in a good year and everybody suffers in a non-good year.
“Based on my calculations, the average weekly wage at City was £25,000 per week when Sheikh Mansour arrived and last season it was £196,000 per week which is spectacular – this is absolutely amazing.“